USA: Worldtex Announces Filing Of Prenegotiated Restructuring Plan
Worldtex Inc today announced that, as planned, it had filed in the Bankruptcy Court for the District of Delaware a petition for relief under Chapter 11 of the Bankruptcy Code for the purpose of restructuring its capitalization. The restructuring has been prenegotiated with an informal committee of holders of approximately 64 per cent of its 9-5/8 per cent Senior Notes. The filing also includes a plan of reorganization and a proposed disclosure statement. The noteholders on the informal committee have agreed to vote in favour of such plan of reorganization pursuant to a previously announced lock-up agreement.
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